EX 1-8 Asset, liability, and stockholders’ equity items

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders’ equity:

a. accounts payable

b. cash

c. fees earned

d. land

e. supplies

f. wages expense

Answer:

a. (2) liability 

b. (1) asset 

c. (3) stockholders’ equity (revenue) 

d. (1) asset 

e. (1) asset 

f. (3) stockholders’ equity (expense)